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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

PIA MBS Bond Fund

PMTGX | Fund

$8.21

$88.5 M

3.53%

$0.29

0.43%

Vitals

YTD Return

-1.1%

1 yr return

1.9%

3 Yr Avg Return

-2.6%

5 Yr Avg Return

-0.4%

Net Assets

$88.5 M

Holdings in Top 10

25.8%

52 WEEK LOW AND HIGH

$8.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.43%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

PIA MBS Bond Fund

PMTGX | Fund

$8.21

$88.5 M

3.53%

$0.29

0.43%

PMTGX - Profile

Distributions

  • YTD Total Return -1.1%
  • 3 Yr Annualized Total Return -2.6%
  • 5 Yr Annualized Total Return -0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.56%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    PIA MBS Bond Fund
  • Fund Family Name
    PIA Mutual Funds
  • Inception Date
    Feb 28, 2006
  • Shares Outstanding
    6487474
  • Share Class
    SMA
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Hsin Tong

Fund Description

Under normal market conditions, the MBS Bond Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in mortgage-backed securities, including commercial mortgage-backed securities. In pursuing its objective, the Adviser attempts to provide a return that exceeds the total rate of return of the MBS Index, although there is no guarantee that the Adviser will be able to do so. The MBS Index represents the universe of mortgage-backed securities issued by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”). The Adviser will primarily consider credit quality, effective duration and yield in selecting investments for the Fund’s portfolio. The duration of the Fund will generally be in a range of plus or minus 1.5 years of the effective duration of the MBS Index.
The MBS Bond Fund may invest up to 10% of its net assets in futures, options, other derivatives, and up to 20% in other investment companies, including exchange-traded funds (“ETFs”). The Fund may sometimes use derivatives as a substitute for taking positions in bonds and/or as part of a strategy designed to reduce exposure to other risks. The Fund may also utilize the “To Be Announced” (“TBA”) market for mortgage-backed securities for up to 100% of its net assets. The TBA market allows investors to gain exposure to mortgage-backed securities with certain broad characteristics (maturity, coupon, etc.) without taking delivery of the actual securities until the settlement day which is once every month. In addition, the Fund may utilize the dollar roll market, in which one sells, in the TBA market, the security for current month settlement, while simultaneously committing to buy a substantially similar TBA security for next month settlement. Rule 18f-4 under the 1940 Act permits the Fund to invest in TBA securities, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). A TBA security that does not satisfy the Delayed-Settlement Securities Provision is treated as a derivatives transaction under Rule 18f-4. The Fund may utilize the dollar roll market for extended periods of time without taking delivery of the physical securities. The Fund may also invest up to 20% of its net assets in asset-backed securities.
The MBS Bond Fund’s annual portfolio turnover rate may exceed 100%.
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PMTGX - Performance

Return Ranking - Trailing

Period PMTGX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.1% -2.1% 9.6% 88.99%
1 Yr 1.9% -2.8% 36.8% 28.19%
3 Yr -2.6%* -7.8% 11.7% 28.76%
5 Yr -0.4%* -5.4% 3.4% 54.21%
10 Yr 1.0%* -1.9% 3.4% 25.30%

* Annualized

Return Ranking - Calendar

Period PMTGX Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -1.0% 22.1% 57.89%
2022 -13.2% -20.4% -5.8% 33.48%
2021 -2.0% -7.1% 16.6% 17.12%
2020 1.7% -1.3% 8.8% 75.81%
2019 2.9% 0.3% 7.1% 66.98%

Total Return Ranking - Trailing

Period PMTGX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.1% -2.1% 9.6% 88.99%
1 Yr 1.9% -2.8% 36.8% 28.19%
3 Yr -2.6%* -7.8% 11.7% 28.76%
5 Yr -0.4%* -5.4% 3.4% 54.21%
10 Yr 1.0%* -1.9% 3.4% 25.30%

* Annualized

Total Return Ranking - Calendar

Period PMTGX Return Category Return Low Category Return High Rank in Category (%)
2023 4.7% -0.5% 28.8% 28.07%
2022 -11.2% -18.5% -3.3% 35.24%
2021 -1.2% -4.5% 25.3% 33.78%
2020 3.8% -1.3% 13.0% 83.72%
2019 6.0% 1.8% 11.3% 43.87%

NAV & Total Return History


PMTGX - Holdings

Concentration Analysis

PMTGX Category Low Category High PMTGX % Rank
Net Assets 88.5 M 9.79 M 113 B 94.74%
Number of Holdings 98 18 12861 89.04%
Net Assets in Top 10 22.1 M 5.49 M 43.7 B 94.74%
Weighting of Top 10 25.83% 6.3% 115.2% 76.32%

Top 10 Holdings

  1. United States Treasury Bill 4.73%
  2. Fidelity Government Portfolio 3.32%
  3. United States Treasury Bill 2.33%
  4. Fannie Mae or Freddie Mac 2.30%
  5. Freddie Mac Pool 2.30%
  6. Freddie Mac Pool 2.25%
  7. Fannie Mae Pool 2.19%
  8. Fannie Mae Pool 2.15%
  9. Fannie Mae Pool 2.14%
  10. Fannie Mae Pool 2.13%

Asset Allocation

Weighting Return Low Return High PMTGX % Rank
Bonds
99.38% 0.08% 167.02% 58.33%
Cash
3.32% -29.69% 22.63% 38.16%
Other
1.44% -26.81% 18.17% 39.04%
Stocks
0.00% 0.00% 96.75% 28.51%
Preferred Stocks
0.00% 0.00% 0.10% 25.88%
Convertible Bonds
0.00% 0.00% 3.29% 28.51%

Bond Sector Breakdown

Weighting Return Low Return High PMTGX % Rank
Securitized
85.65% 0.00% 99.79% 18.42%
Cash & Equivalents
3.32% -29.63% 33.75% 38.60%
Derivative
0.00% -20.68% 6.72% 60.96%
Corporate
0.00% 0.00% 9.48% 48.68%
Municipal
0.00% 0.00% 5.24% 39.47%
Government
0.00% 0.00% 100.00% 94.74%

Bond Geographic Breakdown

Weighting Return Low Return High PMTGX % Rank
US
99.38% 0.08% 167.02% 58.33%
Non US
0.00% 0.00% 12.01% 27.63%

PMTGX - Expenses

Operational Fees

PMTGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.43% 0.03% 3.55% 77.09%
Management Fee 0.00% 0.00% 0.85% 0.44%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

PMTGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 4.50% N/A
Deferred Load N/A 1.00% 4.50% N/A

Trading Fees

PMTGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PMTGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 3.35% 948.00% 47.30%

PMTGX - Distributions

Dividend Yield Analysis

PMTGX Category Low Category High PMTGX % Rank
Dividend Yield 3.53% 0.00% 4.67% 12.28%

Dividend Distribution Analysis

PMTGX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Monthly

Net Income Ratio Analysis

PMTGX Category Low Category High PMTGX % Rank
Net Income Ratio 0.56% -0.80% 2.96% 63.44%

Capital Gain Distribution Analysis

PMTGX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PMTGX - Fund Manager Analysis

Managers

Hsin Tong


Start Date

Tenure

Tenure Rank

Mar 30, 2018

4.17

4.2%

Hsin Tong, CFA, is Vice President and Portfolio Manager. Ms. Tong is a portfolio manager and analyst of PIA focusing on institutional separately managed accounts. Ms. Tong has been an employee of the Adviser since 2005. She earned a MS degree in Industrial and Systems Engineering from the University of Southern California. She earned a Bachelor of Science degree in Mechanical and Electronics Engineering from Shantou University in China, where she was a four-year member of the Dean’s List.

Austin Rutledge


Start Date

Tenure

Tenure Rank

Mar 30, 2021

1.17

1.2%

Mr. Rutledge is a Managing Director responsible for business development and client management in the Eastern United States. Mr. Rutledge is a member of PIA’s Management Group as well as PIA’s Macro Strategy Group. Mr. Rutledge also serves as the development Director for Institutional Consulting Services. Prior to joining PIA in 2000, Austin served as the Director of Investment Products at Syndicated Capital, Inc. Mr. Rutledge earned his Bachelor of Arts degree in Economics from Davidson College. In 2004, he earned his CIMA credential from The Wharton School of Business. In 2005 he earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and the Los Angeles Society of Financial Analysts.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.11 31.64 8.39 7.35